Analyst Commentary:

• The S&P 500 advanced 2.33% over the past week, extending its rally to all-time highs and reflecting continued upside improvement. Technology continues to lead the way to the upside, with sector fund XLK gaining another 8% last week.

• The Nasdaq-100 set all-time highs once again, and proxy QQQ rose 15.69% in April—its best month since October 2022—following a stretch in which four of its prior six months were negative.

• While emerging markets have strengthened in 2026, Chinese equities have lagged. Over the past year, EM ex-China proxy EMXC has outperformed China proxy MCHI by over 50%, highlighting the scale of China’s underperformance.

• Copper proxy CPER shifted back to an RS buy signal versus gold proxy GLD, with copper reclaiming long-term relative strength as gold softens. This dynamic aligns with risk-on trends, as copper tends to lead during periods of expansion.

• May marks the start of the market’s weakest six-month stretch. Since 1950, the Dow Jones Industrial Average has seen just a 1% return over this period. However, eight of the last ten weak periods have been positive, offering some optimism.

Nasdaq Dorsey Wright’s Weekly Featured Chart:

 To read more on QQQ, you can read Wednesday's featured article HERE.

Major US Index Technical Review:

A summary of the performance of major indices, in addition to their Point & Figure information. 

The Group Score Minute:

Senior Equity Specialist Steve Raymond dives into the latest trends and changes within our Asset Class Group Scores. To listen now, click HERE.

Nasdaq Dorsey Wright Products:

The Invesco Dorsey Wright Momentum ETF (PDP) seeks to provide exposure to U.S. equities that exhibit strong relative strength and momentum characteristics. The Fund is based on the Dorsey Wright® Technical Leaders Index, which uses a systematic, rules‑based methodology designed to identify securities demonstrating powerful price momentum relative to their peers. PDP is rebalanced periodically to reflect changing leadership trends, aiming to keep the portfolio aligned with areas of the market exhibiting the strongest momentum. To learn more about PDP, Click HERE.

Want More? Don't Miss Out on Our Podcasts!

This week, Ian Saunders and Trevor Plesko discuss recent earnings in the Magnificent 7, small cap stocks outperforming in 2026, and market seasonality. To listen now, click HERE or on the image below. 

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